The War in Ukraine: Globalization Takes Another Hit

Jim DeLoach, Managing Director Host, The Protiviti View

As Vladimir Putin’s ground forces remain mired in a stalemate in Ukraine, the situation becomes precarious. With regard to globalization, war is a game changer. Globalization is a phenomenon that has been evolving for centuries as companies and governments worldwide share ideas and principles, exchange goods and services, and forge alliances to increase leverage in addressing matters of diplomacy and disputes on the geopolitical stage. When a country with the 11th largest economy in the world and armed with weapons of mass destruction decides to wage an unprovoked war on a sovereign neighbor, it must face the consequences of becoming a pariah state and losing the privileges afforded by globalization. That is exactly what is intended by the sanctions and restrictions levied by the West and other nations upon Russia.

In this Flash Report, we address the war’s impact on the forces of globalization and, more importantly, the need to revisit longstanding assumptions regarding doing business in the global economy.

 

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